The Emporia weekly news. [volume] (Emporia, Kan.) 1881-1889, 1887-06-16
.PANICKY MARKETS.
PANICKY MARKETS.
Wheat Forced Down to Seventy Cents
on Change.
Ksrshaw Fails to go sThrOugh the
Clearing House.
A Number CT Prominent Firms go to
the Wall.
Great Distress Caused in Asia Minor
by Crop Failure.
The Break Checked.

ny VrOp cd11uIbs
The Break Checked.
CHICAGO, June 15.-There was no
trouble this morning in finding COM
mission men who had been caught in
the great break, and less trouble in pre-
vailing upon them to talk. The uni
versaI opinion was thata every thing
hinged on Kershaw's ability to meet the
demand for margins, and unless he did
so his failure would carry down from
thirty to fifty houses. There were
some few who thought that if Armour
s. Hutchinson and other ''big ones"
came forward this morning and helped
to sustain the market a Veritable panic
could be avoided. but claimed a great
deal depended on Kirshaw. 1t is esti-
mated that not less than 100, O00, 600
bushels were traded in during the day
representing an average loss or mean
of z to cents per bushel-$7, 000, 900 to
IS, 600 600. There was a loss of over
81 800 900 in cash wheat alone, besides
shrinkage on futures. One bear who
sold largely early in the day and bought
at the close, is credited with clearing
$3.50, 600 on the days operations. The
less than 81 600 900 altogether during
the day.
BEARS ON TOP.
IL a. m.-The last raid by the bears
had a disquieting effect on the board
and there is a renewal of nervous ex-
element and uncertainty of yesterday
and early this morning. This was
probably increased by rumor that
KershaW s. Co. would margin their
wheat down to % cents only. at 1880
the wheat pit was as quiet as
the bears made another raid
on July wheat and it sold down by
jumps to 20 cents. The pit is once
more all nervous excitement and uncer-
tainty.
1870 a. m.-Liberal orders to buy
wheat are coming in from outside
points and the market is becoming
steadier. July sold up to "a cents and
is now quoted at 739 cents with
stronger tendency.
11:30 a. m.-Four more failures have
just been announced on Changed. July
wheat dropped to 734 cents. Charles
Henrotin 81 Co., stock brokers, and
members of the New York and Chica-
go Stock Exchanges have failed. The
firm was caught in the wheat squeeze
and pushed to wall. No statement of
their condition is yet obtainable. Hen
rotin was until recently president of
Chicago Stock Exchange. His failure
was great surprise.
1915 p. m.-The suspension of S. NJ.
Robinson and Crafts & Co have been
announced. 1t is utterly impossible to
gain any adequate idea of the amount
involved in the failures of the morning.
b. J. McCleary's downfall is thought to
be the heaviest and viii reach more
firms than any other. Excitement i'll
the pit is fast increasing and the bears
are savagely raiding the market. at
1852 a. m. July wheat was sent down
to 72a and within ten minutes declined
to 20, but at 1911 p. m. it had recov-
cred to III for July and III for June.
KIRSHAw FAILS.
lis p. m.-Kershaw s. Co. are
officially posted as having failed to go
through the clearing house. This
means their collapse. The immediate
cause of the failure was due to Rosen-
field & Co., who garniShed Kershaw S
account in the American Exchange
National Bank.
l p. m.-Closing half an hour on
change witnessed almost a complete
subsistence of the intense excitement
that prevailed when July wheat broke
to 20 cents. Shortly afternoon the an
nouncement that Kershaw had failed
to meet his clearing house differences
was posted, but it seemed to have little
no effect on prices.
COFFEE DEALS.
NEW YORK, June 1.-THE open
ing of the Coffee Exchange this MORN
ing was the most excited in its history
In the limited space allotted to clerks
and customers in the Exchange at the
junction of Pearl and Beaver Streets
fhnr.1 n ovRifnd fhrnnGr onXInIIC IN
reach brokers with orders received from
the result of orders already made while
around the ring almost every broker
outside the bear clique had orders to
sell. Buying orders to-day generally
came from s. Gruner and CrOSSman &
Co. These represented the clique
which first started the boom in wheat
about eighteen months ago and caused
it to advance from 8 to Is cents pei
pound. at the latter figure a number
of Rio JanelrO operators, called the
Brazilian party. who had been bears on
the market all the way up to 1S cents
| changed their position and became
buyers and carried the price above q
cents, which figure it crossed about
| two weeks ago. They are now said tt
be loaded heavily, one house being re
ported to. hold coo bags for theil
account. The Gruner-C rOssman party
on the other hand, who are buyers to
day, are credited with re-unloading OF
/ the BraZilianS around the highest fig
ures.
| ARNOLD & CO SwAMPED.
The failure of r. 6. Arnold s. Co.
coffee merchants, has just been announ
ced. They were caught largely long OF
the decline. The market has just de
clined 95 points further and is very &C
tive, excited and possibly more failure
are expected to follow. r. G. Arnol,
was the originator of the Coffee Elk
change and its first President. He wa
formerly of the firm of Arnold, Sturgi
s. Co., the largest coffee house in th
United States. His former county sea
on the sound is known as, stOak Point
The failure is supposed to have bee
caused chiefly: by inability of Ri
houses to remit margins in time. Th
liabilities are stated above 81 600, 90
and New York Bank is said to be heaN
lily involved.
MACKAY & SMALL FAILURE.
The failure of Maclay 81 Small
prominent coffee brokers of WatE
Street, was announced this Afternoon
Small, of this firm, was formerly cor
nected with the large coffee firm {
Small Bros. s. Co., with houses in Ne
York, Baltimore, Chicago and New o.
l1eanS. There is great excitement TN
afternoon on the coffee exchange.
W. 1. NORTON & CO.
Another failure has been announce
of one of the coffee exchange firm
; The name is w. I. Norton s. Co., co
fee brokers of No. 100 Water Stree
The liabilities are not more than $40 90
and their business is chiefly done wit
Baltimore parties.
ell British GsraIn Review.
Il LONDON, June 13.-The Mark LaI
: Express, in its review of the BIRTHS
!: grain trade during the past week say